us-company-hospira-offers-a263-billion-for-mayne-pharma

US company Hospira offers A$2.63 billion for Mayne Pharma

Merrill Lynch finds a foreign buyer for the Australian cancer drug specialist.
Mayne PharmaÆs management has fulfilled its goal of finding a buyer for the pharmaceutical business following an offer from Illinois-based Hospira yesterday. The US company will pay A$4.10 in cash for each Mayne Pharma share, valuing the Australian business at A$2.63 billion.

The announcement follows months of due diligence work by advisers Merrill Lynch who have been looking for a buyer for Mayne Pharma since the company was spun off from its parent in November last year. The demerger was designed to make the company easier to sell.

Mayne Pharma toyed with the idea of listing on the London Stock Exchange but eventually settled on an auction process whereby a number of interested parties were...
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